The bolt cutter of this invention comprises an improvement on the bolt cutters disclosed in my U.S. Pat. No. 4,058,893 wherein there are pivotally-mounted jaws containing cutting edges which are moved arcuately relative to each other by means of handles and an interengaged cam and groove which provides a mechanical advantage for applying a shearing force to effect cutting. The bolt cutter of this invention is structured to provide an improvement over the patented bolt structure of removably replaceable cutter blades in association with the cutter jaws, thereby to improve the utility of the bolt cutter, an adjustably variable cam and groove for changing the mechanical advantage provided for pivoting jaws relative to each other and a stand. Removably replaceable blades per se are not new in cutting instrumentalities, such removable blades being shown in my U.S. Pat. No. 3,971,131. The improvement in this application resides in so structuring the jaws that the force couples are applied to the blades at opposite ends and opposite sides are approximately equal.